2214 GMT - Iress has done very well to sell its superannuation business for at least A$40 million, says Jefferies analyst Simon Fitzgerald. He notes the business recorded an Ebitda loss of A$3.6 million in 1H. "The superannuation service industry has been challenging for many involved, with fee erosion, contract losses, service complexity and in-sourcing resulting in declining operating margins," Jefferies says. It raises EPS forecasts for FY 2025 and FY 2026 by 3% and 2%, respectively, and lifts its price target on Iress by 9.7% to A$10.15/share after removing losses from the superannuation business. Iress ended Monday at A$9.64. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 20, 2025 17:15 ET (22:15 GMT)
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